Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
This message and any accompanying documents are intended only for the use of the
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[COMPANY LOGO]
For immediate release
Shire Pharmaceuticals Group plc
Basingstoke, UK - 17 July 01- Shire Pharmaceuticals Group plc (LSE: SHP LN,
NASDAQ: SHPGY; TSE: SHQ CN) today releases historical financial data, in US GAAP
format, up to 31 December 2000. This information combines the historical data of
Shire Pharmaceuticals Group plc with BioChem Pharma Inc., and is intended to
assist the market with the interpretation of the Group's key financial
statements following the recent merger.
This information is provided in advance of Shire's results for the second
quarter ended 30 June 2001, which will be announced on Monday 23 July 2001 at
12:00 pm (BST) 7:00 am (EST).
A conference call to discuss the historical data will take place today at 4:00
pm BST (11:00 am EST). This call will not refer to current trading or results
year to date and future forecasts. Members of the public can listen to the call
via web casting by accessing www.shire.com in the investor relations section.
End
- --------------------------------------------------------------------------------
For further information please contact:
Clea Rosenfeld +44 (0) 1256 894 000
Gordon Ngan +44 (0) 1256 894 000
Notes to editors
WebCast
Shire Pharmaceuticals Group plc invites you to join the audio webcast that will
be broadcast live over the internet on Tuesday 17 July 2001 at 16:00 BST, 17:00
CET & 11:00 EST. For registration of the live event please click on the address
below.
http://www.italkservices.com/s.i?t=v&p=15338&i=1
Shire Pharmaceuticals Group plc
Shire is a fast growing international specialty pharmaceutical company with a
strategic focus on four therapeutic areas: central nervous system disorders,
oncology/haematology, antivirals and biologics.
More details on Shire are available on the Shire website at www.shire.com
THE "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. The statements in this press release that are not historical facts are
forward-looking statements that involve risks and uncertainties, including but
not limited to, risks associated with the inherent uncertainty of pharmaceutical
research, product development and commercialisation, the impact of competitive
products, patents, and other risks and uncertainties, including those detailed
from time to time in periodic reports, including the Annual Report filed on Form
10K by Shire with the Securities and Exchange Commission.
BASIS OF PREPARATION
- --------------------------------------------------------------------------------
The unaudited combined income statements give effect to the merger of Shire and
BioChem as a pooling of interests under U.S. GAAP. The results for all periods
presented are prepared under U.S. GAAP and are stated in U.S. dollars.
The results for the years ended December 31, 1997, 1998, 1999 and 2000 are
prepared from the results on Form 10K for Shire and the unaudited consolidated
financial statements of BioChem, as restated in U.S. GAAP.
The results for the four quarters ended December 31, 2000 are prepared from the
results on Form 10Q for Shire and the unaudited consolidated financial
statements of BioChem, as restated in U.S. GAAP.
Weighted average ordinary shares have been calculated using the exchange ratio
of 2.2757, representing the number of ordinary shares issued for each BioChem
share under the terms of the merger agreement
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Shire Pharmaceuticals Group plc
Unaudited Combined Income Statements
--------------------------------------------------------------------------
All figures are in US$ Q1 2000 Q2 2000 Q3 2000 Q4 2000 2000
$000 $000 $000 $000 $000
--------------------------------------------------------------------------
Product sales 115,877 121,363 142,113 140,878 520,231
Licensing & development 4,910 4,371 5,063 (197) 14,147
Royalties 30,010 33,653 31,890 39,917 135,470
Other 298 176 257 531 1,262
--------------------------------------------------------------------------
Revenue 151,095 159,563 179,323 181,129 671,110
Cost of revenues (22,457) (22,640) (32,134) (24,140) (101,371)
R&D (38,229) (39,253) (44,487) (33,176) (155,145)
Selling, general and administrative (40,507) (46,372) (43,821) (45,687) (176,387)
EBITDA 49,902 51,298 58,881 78,126 238,207
Depreciation & amortisation (9,259) (9,411) (9,375) (9,943) (37,988)
--------------------------------------------------------------------------
Operating income 40,643 41,887 49,506 68,183 200,219
Interest receivable 3,471 4,724 5,064 5,973 19,232
Interest payable (4,414) (3,974) (3,275) (4,750) (16,413)
Other, net 4,614 (1,578) (564) (1,291) 1,181
--------------------------------------------------------------------------
Income before taxes, APB 25 & exceptionals 44,314 41,059 50,731 68,115 204,219
Income taxes (10,890) (9,192) (11,963) (15,619) (47,664)
--------------------------------------------------------------------------
Net income pre APB 25 & exceptionals 33,424 31,867 38,768 52,496 156,555
Exceptional items 2,782 96,635 4,614 (26,945) 77,086
Stock option compensation (APB 25) (23,246) (236) (206) 1,774 (21,914)
--------------------------------------------------------------------------
Net income 12,960 128,266 43,176 27,325 211,727
--------------------------------------------------------------------------
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
------------------------------------------------------------------------------
Unaudited Q1 2000 Q2 2000 Q3 2000 Q4 2000 2000
All figures are in US$
------------------------------------------------------------------------------
EPS (per ordinary share)
Net income - basic 2.7c 26.6c 8.9c 5.6c 43.8c
Pre APB25 / exceptionals - basic 7.0c 6.6c 8.0c 10.8c 32.4c
Pre APB25 / exceptionals - diluted 6.8c 6.4c 7.8c 10.6c 31.6c
EPS (per ADS)
Net income - basic 8.2c 79.8c 26.7c 16.8c 131.5c
Pre APB25 / exceptionals - basic 21.0c 19.8c 24.0c 32.3c 97.3c
Pre APB25 / exceptionals - diluted 20.3c 19.3c 23.4c 31.7c 94.9c
Ratio Analysis
% to Product Sales
Gross profit 80.6% 81.3% 77.4% 82.9% 80.5%
Selling & distribution 35.0% 38.2% 30.8% 32.4% 33.9%
% to Total Revenue
Gross margin 85.1% 85.8% 82.1% 86.7% 84.9%
S, G & A 26.8% 29.1% 24.4% 25.2% 26.3%
Total R&D 25.3% 24.6% 24.8% 18.3% 23.1%
Total operating expenses 67.0% 67.9% 67.2% 56.9% 64.5%
Operating income pre R&D 52.2% 50.9% 52.4% 56.0% 53.0%
Operating income 26.9% 26.3% 27.6% 37.6% 29.8%
Net income pre APB 25 & exceptionals 22.1% 20.0% 21.6% 29.0% 23.3%
Net income after APB 25 & exceptionals 8.6% 80.4% 24.1% 15.1% 31.5%
Effective tax rate 24.6% 22.4% 23.6% 22.9% 23.3%
Weighted average no. shares
ADS basic 158,938,510 160,744,814 161,802,075 162,345,391 160,963,357
ADS diluted 164,682,354 165,458,687 165,678,680 165,659,688 164,897,268
Weighted average no. shares
Ordinary shares basic 476,815,531 482,234,443 485,406,226 487,036,173 482,890,070
Ordinary shares diluted 494,047,061 496,376,062 497,036,041 496,979,064 494,691,805
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Shire Pharmaceuticals Group plc
Unaudited Combined Income Statements
All figures are in US$
--------------------------------------------------------------
1997 1998 1999 2000
$000 $000 $000 $000
--------------------------------------------------------------
Product sales 183,466 306,683 400,959 520,231
Licensing & development 23,022 19,920 14,585 14,147
Royalties 91,272 107,621 119,714 135,470
Other 896 1,681 1,995 1,262
--------------------------------------------------------------
Revenue 298,656 435,905 537,253 671,110
Cost of revenues (74,668) (102,978) (103,047) (101,371)
R&D (65,836) (97,966) (141,112) (155,145)
Selling, general & administrative (93,431) (122,066) (148,408) (176,387)
EBITDA 64,721 112,896 144,687 238,207
Depreciation & amortisation (14,728) (29,937) (34,172) (37,988)
--------------------------------------------------------------
Operating income 49,993 82,959 110,515 200,219
Interest receivable 14,102 15,725 15,957 19,232
Interest payable (1,334) (6,648) (11,644) (16,413)
Other, net (2,064) 5,015 18,751 1,181
--------------------------------------------------------------
Income before taxes, APB 25 & exceptionals 60,697 97,051 133,579 204,219
Income taxes (3,080) (7,665) (21,663) (47,664)
--------------------------------------------------------------
Net income from continuing operations pre APB 25 57,617 89,386 111,916 156,555
& exceptionals
Loss from discontinued operations, net of tax (366) (2,107) (12,179) 0
--------------------------------------------------------------
Net income pre APB 25 & exceptionals 57,251 87,279 99,737 156,555
Exceptional items (83,087) 220 (135,236) 77,086
Stock option (APB 25) (2,567) (5,459) (11,933) (21,914)
--------------------------------------------------------------
Net income / (loss) (28,403) 82,040 (47,432) 211,727
--------------------------------------------------------------
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
-----------------------------------------------------------
1997 1998 1999 2000
-----------------------------------------------------------
EPS (per ordinary share)
Net income / (loss) - basic (6.6)c 17.1c (9.8)c 43.8c
Pre APB25 / exceptionals - basic 13.3c 18.2c 20.6c 32.4c
Pre APB25 / exceptionals - diluted 13.2c 17.7c 20.4c 31.6c
EPS (per ADS)
Net income / (loss) - basic (19.8)c 51.2c (29.4)c 131.5c
Pre APB25 / exceptionals - basic 39.8c 54.5c 61.8c 97.3c
Pre APB25 / exceptionals - diluted 39.5c 53.0c 61.3c 94.9c
Ratio Analysis
% to Product Sales
Gross profit 59.3% 66.4% 74.3% 80.5%
Selling & distribution 50.9% 39.8% 37.0% 33.9%
% to Total Revenue
Gross margin 75.0% 76.4% 80.8% 84.9%
S, G & A 31.3% 28.0% 27.6% 26.3%
Total R&D 22.0% 22.5% 26.3% 23.1%
Total operating expenses 78.3% 74.1% 73.1% 64.5%
Operating income pre R&D 38.8% 41.5% 46.8% 53.0%
Operating income 16.7% 19.0% 20.6% 29.8%
Net income from continuing operations pre APB25 19.3% 20.5% 20.8% 23.3%
& exceptionals
Net income / (loss) after APB 25 -9.5% 18.8% -8.8% 31.5%
Effective tax rate 5.1% 7.9% 16.2% 23.3%
Weighted average no. shares
ADS basic 143,758,809 160,275,928 161,452,959 160,963,357
ADS diluted 145,019,507 164,716,572 162,712,833 164,897,268
Weighted average no. shares
Ordinary shares basic 431,276,428 480,827,784 484,358,876 482,890,070
Ordinary shares diluted 435,058,521 494,149,715 488,138,499 494,691,805
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Shire Pharmaceuticals Group plc
Unaudited Combined Revenue Analysis
All figures are in US$
---------------------------------------------------------------------------------------------------
Q1 2000 Q2 2000 Q3 2000 Q4 2000 2000
Unaudited Unaudited Unaudited Unaudited Unaudited
% of % of % of % of % of
Total $000 Total $000 Total $000 Total $000 Total $000
---------------------------------------------------------------------------------------------------
Product sales 77% 115,877 76% 121,263 79% 142,113 78% 140,878 78% 520,231
Licensing & development 3% 4,910 3% 4,371 3% 5,063 - (197) 2% 14,147
Royalties 20% 30,010 21% 33,653 18% 31,890 2% 39,917 20% 135,470
Other - 298 - 176 - 257 - 531 - 1,262
---------------------------------------------------------------------------------------------------
Revenues 100% 151,095 100% 159,563 100% 179,323 100% 181,129 100% 671,110
---------------------------------------------------------------------------------------------------
Net Product Sales Data
Adderall 47% 54,539 37% 44,386 42% 59,906 39% 55,113 41% 213,944
Agrylin 10% 11,005 15% 18,531 9% 13,716 10% 14,492 11% 57,744
Pentasa 9% 10,347 11% 13,170 10% 14,384 11% 16,263 10% 54,164
Carbatrol 5% 5,592 4% 5,291 5% 6,914 6% 7,790 5% 25,587
Calciums 3% 3,985 4% 4,289 3% 3,936 3% 4,122 3% 16,332
ProAmatine 3% 3,575 5% 5,869 5% 6,917 5% 7,335 5% 23,696
Dextrostat 2% 2,312 2% 1,845 2% 2,211 3% 3,766 2% 10,134
OTC 5% 5,801 5% 6,635 4% 5,267 4% 5,767 5% 23,470
Others 16% 18,721 17% 21,347 20% 28,862 19% 26,230 18% 95,160
---------------------------------------------------------------------------------------------------
100% 115,877 100% 121,363 100% 142,113 100% 140,878 100% 520,231
---------------------------------------------------------------------------------------------------
Royalties
3TC 90% 27,036 87% 29,399 88% 27,952 86% 34,388 87% 118,775
Zeffix 8% 2,369 9% 2,936 10% 3,253 10% 4,034 10% 12,588
Other 2% 605 4% 1,318 2% 685 4% 1,499 3% 4,107
---------------------------------------------------------------------------------------------------
100% 30,010 100% 33,653 100% 31,890 100% 39,917 100% 135,470
---------------------------------------------------------------------------------------------------
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Shire Pharmaceuticals Group plc
Unaudited Combined Revenue Analysis
All figures are in US$
------------------------------------------------------------------------------
1998 1999 2000
Unaudited Unaudited Unaudited
% of % of
Total $000 % of Total $000 Total $000
------------------------------------------------------------------------------
Product sales 68% 306,683 75% 400,959 78% 520,231
Licensing & development 4% 19,920 3% 14,585 2% 14,147
Royalties 24% 107,621 22% 119,714 20% 135,470
Other 4% 1,681 - 1,995 - 1,262
------------------------------------------------------------------------------
Revenues 100% 435,905 100% 537,253 100% 671,110
------------------------------------------------------------------------------
Net Product Sales Data
Adderall 24% 73,980 35% 142,013 41% 213,944
Agrylin 8% 23,729 8% 32,568 11% 57,744
Pentasa 11% 33,324 13% 51,847 10% 54,164
Carbatrol 2% 5,335 4% 16,034 5% 25,587
Calciums 5% 14,608 4% 17,007 3% 16,332
ProAmatine 5% 15,413 5% 19,777 5% 23,696
Dextrostat 2% 6,000 2% 8,791 2% 10,134
OTC 8% 25,960 5% 21,328 5% 23,470
Others 35% 108,334 24% 91,594 18% 95,160
------------------------------------------------------------------------------
100% 306,683 100% 400,959 100% 520,231
------------------------------------------------------------------------------
Royalties
3TC 97% 103,924 95% 113,151 87% 118,775
Zeffix 0% - 2% 2,890 10% 12,588
Other 3% 3,697 3% 3,673 3% 4,107
------------------------------------------------------------------------------
100% 107,621 100% 119,714 100% 135,470
------------------------------------------------------------------------------